14. The manner in which the security may be furnished and matters incidental thereto.-
(1) The security to be furnished by a dealer under sub-section (2A), sub-section (3A) or subsection (3C) of section 7 of the Act shall be in one of the forms as prescribed in the Table in rule 23 of the Delhi Value Added Tax Rules, 2005, or if so permitted by the Commissioner, partly in one and partly in another of such forms.
(2) The security furnished under sub-rule (1) shall be furnished in the manner described in rule 23 of the Delhi Value Added Tax Rules, 2005.
(3) The Commissioner shall maintain a complete account of the securities deposited, forfeited or refunded, in such form and in such manner, as he may deem fit.
(4) Post Office Savings Bank pass books, deposit receipts of banks, security bonds and agreements, promissory notes or stock certificates tendered as security shall be kept in safecustody of the Commissioner or of an officer nominated by him in this behalf. The security tendered in any form shall be retained permanently or until the Commissioner orders that there is no further necessity for keeping it.
(5) Where the security furnished by a dealer is forfeited in full or in part, the security shall be encashed and the proceeds thereof deposited in the Consolidated Fund of the National Capital Territory of Delhi to the extent of the security being forfeited. Where the security is furnished in the form of a mortgage or personal surety bond or a bank guarantee, and the security is forfeited in full or part, then without prejudice to the provisions of sub-rule (6), the Commissioner shall call upon the dealer first to pay the forfeited amount in cash into the Government Treasury and to furnish to him a copy of the receipted challan within fifteen days of the service of the order on the dealer. In case the forfeited amount is not deposited by the dealer, the Commissioner shall make an application to the Collector to recover the said amount from the dealer or his surety/guarantor as arrears of land revenue. The Commissioner will furnish to the Collector the name and address of the dealer and his surety/guarantor and the amount to be recovered. Thereupon the Collector shall proceed to recover the amount from the dealer or his surety/guarantor according to the law and the rules for the time being in force in the National Capital Territory of Delhi for the recovery of arrears of land revenue.
(6) Where the security is furnished in the form of mortgage deed or personal surety bond or a bank guarantee, and the sum to the extent of the amount of the security which has been forfeited, is not deposited either by the dealer or by the surety/guarantor within one month from the date of service of the order of forfeiture served on the dealer, the Commissioner shall require the dealer to furnish fresh security in the forms and manner specified in sub-rules (1) and (2) of this rule, within fifteen days from the date of service of the order upon the dealer in this behalf.
(7) Where by reason of an order under sub-section (3D) of section 7 of the Act, the security furnished by a dealer is rendered insufficient, the dealer shall make up the deficiency in any of the forms referred to in sub-rule (1) within fifteen days from the date the order made under sub-section (3D) of the Act is served on him.
(8) No security deposit shall be repaid or re-transferred to the dealer or otherwise disposed of except in accordance with the terms of the security bond or agreement. While returning or transferring the security to the dealer, when it is no longer required, the dealer shall give an acknowledgement duly signed and witnessed setting forth therein the full particulars of the security returned or transferred to him.
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